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Documentation / How it works

Curve and fees

There is no bonding contract. The launch curve is one single-sided v4 position, and the fees are the pool's own.

2 min read

The position

At launch the factory mints the full supply S and adds liquidity L over [tickmin, tick₀], with the pool initialized at tick₀ (203,200, tick spacing 200). At that price the position holds only the coin. Buyers swap ETH in and the price walks down the range, like a constant-product curve with a virtual ETH reserve.

L = S · 2⁹⁶ / (√P₀ − √P_min), rounded down; the dust left by rounding is burned.

coins bought from the positionETH per coin
With the upper bound at the start tick and the lower bound at the lowest usable tick, the position behaves like a constant-product curve with a virtual ETH reserve.

Fees

The pool fee is 1%, earned by the locked position. collect(coin) is permissionless and the keeper calls it hourly. ETH side: 50% creator, 20% $V4P stakers, 20% $V4P buy and burn, 10% protocol. Coin side: 100% to 0x…dEaD, so every sell burns 1% of what was sold.

1% of ETH inCreator 50%Stakers 20%Burn $V4P 20%Protocol 10%
The ETH side of every swap fee, split by FeeSplitter. The coin side is sent to 0x…dEaD.

Hook royalties come on top and are never touched by v4 Pairs: the stack takes each hook's bps from the swap's output currency for RoyaltyLedger, 80% to the author and 20% to the $V4M burn reserve.

Invariants

  • The factory's liquidity in a coin's pool never decreases: there is no remove function.
  • The split sums to 100% for every collect.
  • Coin supply is constant; burns only move coins to 0x…dEaD.
  • A stack's royalty is 30 bps at most.
  • The Unchecked flag never flips back.
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